Deals1 Apr 2025, 02:00 pm
Man Industries Monetises 6 Acre Land in Navi Mumbai for Approx. Rs. 720 - Rs. 770 Crores
AI Summary
Man Industries (India) Ltd. has announced the monetisation of its 6-acre land in Navi Mumbai through a Deed of Assignment with Paradise Green-Spaces LLP, a part of the Paradise Group. The upfront amount received is Rs. 70 Crores, and the Company will get 30% area of the developed property, equivalent to approx. 4,50,000 sq. ft. Rera carpet area (Commercial and Residential). This has a monetising value of approx. Rs. 650 — Rs. 700 Crores over a period of 5 - 6 years, making the total monetising value approx. Rs. 720 — Rs. 770 Crores. The land is located opposite D.Y. Patil Stadium, Navi Mumbai, Maharashtra.
Key Highlights
- Man Industries (India) Ltd. has monetised its 6-acre land in Navi Mumbai for approximately Rs. 720 - Rs. 770 Crores.
- The land has been assigned to Paradise Green-Spaces LLP, a trusted name in real estate.
- The Company will receive an upfront amount of Rs. 70 Crores and 30% area of the developed property, equivalent to approx. 4,50,000 sq. ft. Rera carpet area (Commercial and Residential).
- The developed property has a monetising value of approx. Rs. 650 — Rs. 700 Crores over a period of 5 - 6 years.
- Paradise Group is known for creating exceptional residential and commercial projects and has completed 8 Million sq. ft. construction and 30 Million sq. ft. is being developed.